The Asia-Pacific loyalty management market was valued at USD 592.3 million in 2018, and it is expected to reach a value of US...

Date :

09/11/2019 @ 3:15PM

Source :

PR Newswire (US)

The Asia-Pacific loyalty management market was valued at USD 592.3 million in 2018, and it is expected to reach a value of US...

NEW YORK, Sept. 11, 2019 /PRNewswire/ --

Market OverviewThe Asia-Pacific loyalty management market was valued at USD 592.3 million in 2018, and it is expected to reach a value of USD 2,297.3 million by 2024, registering a CAGR of 25.1% over the forecast period (2019 - 2024). Loyalty management solutions are being adopted by many companies across various industry verticals, whose primary focus is on client retention and further building sustainable customer relationships through these programs.

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- Increasing customer retention helps in boosting profits because loyal customers have trust in a brand which encourages repurchase. Implementing a loyalty program is basically an investment as customer retention strategies are less expensive when compared to acquiring new customers. Gaining new customers can be 25% more expensive than retaining current customers.- Loyalty programs in the retail sector have also been growing significantly in the region in recent years and are playing a strong role in influencing consumers choices. For instance, in 2019, Carrefour China launched a 100% digital loyalty program. The company has entered into agreements with WeChat, Tencent, and Google for making headway in its digital transformation.- However, lack of awareness is a major challenge to the growth of the loyalty management market in the region. Research indicates that only a small portion of customers are aware of the loyalty benefits provided by an organization. Lack of awareness could be a major challenge restricting widespread adoption of loyalty management solutions in the market.

Scope of the ReportLoyalty management is an approach to the marketing of products, based on strategic management, in which a company focuses on increasing new customer base and retaining existing customers through various types of incentives and offers.

Key Market TrendsBFSI Segment to Witness the Highest Growth

- In a highly competitive, complex, and dynamic banking industry, slight differences in financial services and products can matter. Most of the banks are trying to be the "ideal" bank for their customers in exchange for trusted and profitable relationships. This, together with an increasingly-demanding customer base, has led to the transformation of the industry toward adopting loyalty management solutions.- Reward points plans offered by credit cards are also one of the most active zones in the reward and incentive space. Loyalty management has been the refuge for the banking industry, as banks look to attain a high customer retention rate.- The market in Asia-Pacific region is also witnessing collaborations in cross-industry loyalty program launches with financial sector witnessing increased acceptance of loyalty programs. For instance, OCBC Bank and Star Hub are jointly developing Singapore's loyalty alliance, so that Singaporean customers will be able to exchange, consolidate, and redeem loyalty rewards, such as reward points and air miles earned from market-leading partners across industries.

China Occupies the Largest Market Share

- Retail loyalty programs are well established in China, dating back to the mid-to-late 1990s. Although the participation is lower in China (61% of consumers), due to collectivist consumer behavior, the Chinese retailers are now focusing more on loyalty programs.- One of the major reasons for this change is the exponential growth in the E-commerce sector of the country. With more than 413.3 million online shoppers, the region had a turnover of USD 681.9 billion in 2017.- Moreover, mobile payment systems are already shaping Chinese commerce, and this latest change could allow US-based companies access to that economy.- Many Chinese consumers already use mobile payments, typically via QR codes, to settle doctor bills, order food, hail rides, pay utility bills, and buy goods. Providers are expected to bring new innovations and expand the mobile payment ecosystem. With this increasing mobile payment systems, 73% of consumers are more likely to join loyalty programs, if points and rewards are automatically updated.

Competitive LandscapeThe Asia-Pacific loyalty management market is highly competitive owing to the presence of many large and small players in the market. The market appears to be moderately concentrated with the players in the market adopting strategies like product innovation, partnerships, and mergers and acquisitions to stay ahead of the competition. Some of the major players in the market are IBM Corporation, Oracle Corporation, SAP SE, Edenred among others.

- March 2019 - TIBCO announced a partnership with NTTCom Online Marketing Solutions Corporation. Through this partnership, NTTCom Online is expected to become TIBCO's preferred partner in Japan, taking over the responsibility for all the sales and client support activities, for the Japanese subsidiary of TIBCO.- January 2019 - SAP acquired Qualtrics International Inc., a provider of customer relationship management solutions. This combination accelerates the experience management category by combining Qualtrics' data with operational data from SAP software to power the economy. Both companies will offer businesses the means to deliver exceptional customer, product, employee, and brand experiences.

Reasons to Purchase this report:- The market estimate (ME) sheet in Excel format- Report customization as per the client's requirements- 3 months of analyst support

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